1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
July 5, 2002
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------Reserves of depository institutions
Borrowings of depository institutions from
the Federal Reserve, NSA
---------------------------------------------------------------------------------------------------Date
Monetary

total

total2
nonborrowed3
adjustment
seasonal

required
extended

excess NSA4

ba
se5
credit
-----------------------------------------------------------------------------------------------------------------------------------------2001-May
38316
38103
37297
1019
598896
213
134
79
0
June
39066
38836
37704
1362
602835
229
110
120
0

608105
616024
639690

629954
629373
634413

July
Aug.
Sep.

Oct.
Nov.
Dec.

2002-Jan.

283
183
3385

127
84
67

39785
109
40079
19
58217
3292

39502
174
39896
164
54832
93

38377
0
38871
0
39200
0

1408

45224
60
40867
51
41221
34

45097
67
40783
33
41154
33

43899
0
39415
0
39576
0

1326

41747

41698

40360

1387

1208
19017

1452
1645

640857
646175
649640

653899

50
Feb.

30

Mar.

79

Apr.

71

May
657798
112
Two weeks ending
2002-May
1
654928
71
15
656093
100
29
659126
127
June 12
661871
664567

26p

116
151

33
41451
12
41013
59

17
41421
17
40935
20

0
40083
0
39599
0

40760
21
39118
7

40690
50
39006
105

39552
0
37843
0

1208

40660
10
38812
6
39334
10

40589
62
38712
95
39208
117

39464
0
37621
0
37955
0

1195

38974
3
39186
4

38859
113
39036
147

37809
0
37930
0

1166

1367
1414

1274

1191
1379

1256

-------------------------------------------------------------------------------------------------------------------------------------------1. Reserves and monetary base figures incorporate adjustments for
discontinuities, or "breaks", associated with regulatory changes in reserve
requirements. (For more information, see Table 3).
2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted,
break-adjusted required reserves plus unadjusted excess
reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.)
3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally
adjusted, break-adjusted total reserves less unadjusted total
borrowings of depository institutions from the Federal Reserve.
4. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less
adjusted required reserves (Table 2, column 3).
5. The seasonally adjusted, break-adjusted monetary base consists of (1)
seasonally adjusted, break-adjusted total reserves plus (2)
the seasonally adjusted currency component of the money stock plus (3), for
all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves, the
seasonally adjusted, break-adjusted difference between current vault cash and
the amount applied to satisfy current reserve requirements.
(Also see footnote 3 on Table 2 and footnote 4 on Table 3.)
p preliminary
1

H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted

Millions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------Reserves of depository institutions
Vault cash5

--------------------------------------------------------------------------e

Date
balances

Reserv

used to
Net carryover
total2
nonborrowed
required Monetary base3
total
satisfy
surplus7
of reserve

F.R.

required

balances8

with

Banks4
reserves6
-----------------------------------------------------------------------------------------------------------------------------------------2001-May
7604
43268
June
7043
43169

39374
31771
38217
31174

39161
11497
37988
11996

38355

605475

36855

608812

39337
31644
39668
32091
57570
31938

39054
12304
39484
11938
54185
11528

37929

615576

38460

622037

38553

645727

44505
12499
40040
11813
41011
11911

43306

635896

38672

637643

43935

44632
32559
40124
31291
41077
32024

39433

648738

2002-Jan.
9995
45730
Feb.
9273
45696
Mar.
9146
42633

43725
33730
42491
33218
40297
31151

43676
11999
42461
12478
40218
11482

42339

653284

41124

654928

38883

658763

40896
31156
40244
31034

40825
10860
40132
10790

39688

663335

38970

668049

42242
31999
38890
30366

42171
10084
38790
11467

41046
42
37699
19

663956

7692
7576
25632

12073
8833
9054

9740

July
Aug.
Sep.

Oct.
Nov.
Dec.

Apr.

43948
44030
43466

45057
43104

42016

May
9210
41824
Two weeks ending
2002-May
1
10243
42082
15
8524
41833

665597

10011

7897
7987

29
41959
June 12
40687
26p
42135

41871
31860

41744
10098

40492
76

670379

37340
29443
39397
31410

37224
11244
39247
10725

36174
180
38141
92

670953
672791

------------------------------------------------------------------------------------------------------------------------------------------1. Reflects actual required reserves, with no adjustments to eliminate the
effects of discontinuities, or "breaks", associated with
regulatory changes in reserve requirements.
2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy
reserve requirements.
3. The monetary base, not break-adjusted and not seasonally adjusted, consists of
(1) total reserves plus (2) required clearing balances
and adjustments to compensate for float at Federal Reserve Banks plus (3) the
currency component of the money stock plus (4), for all
quarterly reporters on the "Report of Transaction Accounts, Other Deposits and
Vault Cash" and for all those weekly reporters whose
vault cash exceeds their required reserves, the difference between current
vault cash and the amount applied to satisfy current reserve
requirements. Currency and vault cash figures are measured over computation
periods ending on Mondays.
4. Excludes required clearing balances and adjustments to compensate for float
and includes other off-balance sheet "as-of" adjustments.
5. Vault cash eligible to satisfy reserve requirements. It includes only vault
cash held by those banks and thrifts that are not exempt
from reserve requirements. Dates refer to the maintenance periods in which the
vault cash can be used to satisfy reserve requirements.
6. All vault cash held during the lagged computation period by "bound"
institutions (i.e., those whose required reserves exceed their vault
cash) plus the amount of vault cash applied during the maintenance period by
"nonbound" institutions (i.e., those whose vault cash
exceeds their required reserves) to satisfy current reserve requirements.
7. Total vault cash eligible to satisfy reserve requirements, held by depository
institutions not exempt from reserve requirements, minus the
amount used to satisfy reserve requirements.
8. Consists of carryover only at depository institutions maintaining reserves on
the basis of two-week maintenance periods. Reflects excess (+)
or deficit (-) reserves eligible to be carried forward into the two-week
reserve maintenance period ending on the date shown.
p preliminary
1

H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
---------------------------------------------------------------------------------

Reserves of depository institutions
--------------------------------------Date
total2
nonborrowed
required3
Monetary base4
---------------------------------------------------------------------------------

-

2001-May
June

39430
38283

39217
38054

38410
36921

598559
601667

July
Aug.
Sep.

39417
39759
57678

39134
39576
54293

38009
38551
38662

608235
614550
637969

Oct.
Nov.
Dec.

44759
40253
41196

44632
40169
41129

43434
38801
39551

627786
629675
639907

2002-Jan.
Feb.
Mar.

43712
42473
40266

43662
42443
40188

42325
41106
38852

644269
645705
649215

40847
40178

40777
40066

39640
38904

653249
657908

42184
38828
41801

42113
38728
41674

40988
37637
40422

653855
655479
660183

37268
39319

37153
39168

36102
38062

661015
662477

Apr.
May
Two weeks ending
2002-May
1
15
29
June 12
26p

1. Figures reflect adjustments for discontinuities, or "breaks", associated with
regulatory changes in reserve requirements.
2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3,
column 3) plus excess reserves NSA (Table 1, column 5).
3. To adjust required reserves for discontinuities due to regulatory changes in
in reserve requirements, a multiplicative procedure is used to estimate what
required reserves would have been in past periods had current reserve
requirements been in effect. Break-adjusted required reserves are equal to
break-adjusted required reserves against transactions deposits.
4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus
(2) the (unadjusted) currency component of the money stock plus (3), for all
quarterly reporters on the "Report of Transaction Accounts, Other Deposits and

and
p

Vault Cash" and for all those weekly reporters whose vault cash exceeds their
required reserves, the break-adjusted difference between current vault cash
the amount applied to satisfy current reserve requirements.
preliminary

Note: Current and historical H.3 data are available each week on the Federal
Reserve
Board's web site (http://www.federalreserve.gov/). Monthly data are
available
back to January 1959, and weekly data are available back to January 1975
for most

series. For information about individual copies or subscriptions, contact
Publications Services at the Federal Reserve Board (phone 202-452-3245,
fax 202-728-5886). For paid electronic access to current and historical
data,

call STAT-USA at 1-800-782-8872 or 202-482-1986.